When applying for a mortgage, a lender determines how much house you can afford based on your debt to income ratio, not solely your total monthly income. With this in mind, how you manage your debt, specifically credit card payments, is critically important! If a home purchase is on the horizon for you, you’ll want to remember a few key things.
When you’re shopping for a home, you may come across one you’re interested in that is listed as For Sale by Owner. In 2016, 89% of homes sold involved an agent, so while this DIY approach is not the most popular choice, it is something you may come across during your search.
A home inspection is a crucial step in the home buying process. In fact, according to a recent poll by All Star Home Inspectors, 99% of realtors recommend a home inspection to their clients. Neglecting to have a home inspected could be devastating as a new homeowner. Here are four things you should know about home inspections:
While buying a home holds lots of excitement for new opportunities, it also comes with a plethora of new responsibilities. It will likely be the biggest purchase you make in your lifetime, and protecting your investment is critical! When you're buying a home, purchasing a homeowner’s insurance policy and a home warranty are both smart ideas that can help to offer you protection as a new homeowner, but understanding the difference between the two is important because they’re quite different.
Moving is notoriously stressful. From the significant financial commitments to the logistics of packing up your belongings and resettling somewhere new. It disrupts your family’s routine which can create a sense of disorder.
If you’re on the hunt for sound financial advice, your ears should perk up when you hear from billionaire American investor Warren Buffett, who’s proven he knows a thing or two about real estate and money management. His advice to Americans looking to grow their wealth? Buy a home. Particularly if you’re looking to put down roots and stay awhile.
When you’re shopping for a home, there are lots of important things to consider. How good are the schools? Will the neighborhood accommodate the lifestyle you hope to have? Is it close to extended family? These things are often in the forefront of shoppers’ minds, but there are some factors that are just as important that could be easily overlooked. Before you put an offer on a house, you may want to take these three things into consideration:
Despite higher mortgage rates and home prices, houses are flying off the market this spring, according to the National Association of Realtors Existing Home Sales Report released last Friday. Home resales boomed by 4.4 percent in March, the best month-to-date since February 2007.
Though insurance isn’t likely one of your biggest concerns when it comes to purchasing a home, understanding why you need it and how it protects you is essential. You need various types of insurance to make a home purchase, and title insurance is one of those. See how it gives you peace of mind throughout the homebuying and homeownership process.
Credit card companies, auto dealerships and mortgage lenders are just a few of the institutions that will assess your credit score before deciding if and how much they are willing to lend you and at what interest rate. When it comes to getting pre-approved for a mortgage, your credit score is one of the most influential factors determining your eligibility for a loan, so knowing how your mortgage lender determines that score is essential.